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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 1997
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ST. JOE CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 1-10466 59-0432511
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(State or other jurisdiction of (Commission (I.R.S. Employer )
Incorporation) File No.) Identification No.)
Suite 400, 1650 Prudential Drive
Jacksonville, Florida 32207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 396-6600
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Item 5. Other Events
Incorporated by reference is a press release issued by the Registrant on
December 6, 1997, attached as Exhibit 99, providing information concerning the
Registrant's announcement to sell to the federal government approximately 50,000
acres of Talisman Sugar Corporation.
Item 7. Financial Statements and Exhibits
(c) Exhibit
Exhibit 99 - Press release issued December 6, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
St. Joe Corporation
Date December 10, 1997 By: /Charles A. Ledsinger/
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Senior Vice President
Chief Financial Officer
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EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT: Jerry M. Ray
December 6, 1997 904-858-2707
ST. JOE TO SELL TALISMAN SUGAR PLANTATION LANDS
SUGARCANE FIELDS WILL BE RETURNED TO THE EVERGLADES
Jacksonville, Florida - (December 6, 1997) - St. Joe Corporation (NYSE: SJP)
chairman and chief executive officer Peter S. Rummell today announced that St.
Joe has agreed in principle to sell to the federal government approximately
50,000 acres known as the Talisman Sugar Plantation, located in the Belle Glade
area of south central Florida.
The purchase price for the land is $133.5 million in cash. St. Joe will be
allowed to farm the land for five more crop years. In addition, at that point in
time St. Joe has agreed to donate approximately 3,000 additional acres to
various non-government organizations.
The proposed transaction is subject to the execution of a definitive agreement
and appropriate government and corporate approvals.
"We announced some time ago that sugar was not a strategic business for us and
that we would sell Talisman for a fair price," said Peter S. Rummell, chairman
and CEO. "We are proud to demonstrate it's possible to do what's in our
shareholders' interest and in the public interest. And, we are proud to play a
role, however small, in the restoration of the Everglades."
"This is one of those rare occasions where everyone benefits. But those who will
benefit most are not yet with us -- the generations to come that will have the
opportunity to marvel at the beauty of this magnificent "river of grass."
Talisman Sugar Corporation consists of a sugarcane plantation and a sugar mill.
Sugar accounted for 13 percent of the St. Joe's net sales and operating revenues
in 1996.
St. Joe, a publicly held company based in Jacksonville, is Florida's largest
private land owner and has interests in real estate, timber, and railroads.
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